Rock Hill, South Carolina - 3D Systems Corp has acquired Provel, Srl, an Italian provider of rapid prototyping, tooling and manufacturing services, as part of an expansion of its 3Dproparts service in Europe.
3D Systems claims it is a leading provider of 3D printing, rapid prototyping and manufacturing systems and parts solutions.
Based in Turin, Italy, Provel offers a comprehensive portfolio of premier rapid prototyping, tooling and manufacturing services to leading Italian automotive and durable goods manufacturers, according to a 12 Oct statement issued by 3D Systems. It adds that the firm specialises in stereolithography, selective laser sintering, rapid tooling and urethane casting and that its rapid prototyping and tooling production capacity is the largest in Italy and one of the largest in Europe.
The US firm launched 3Dproparts, a trademarked business which it claims is the world's fastest growing rapid prototyping and manufacturing parts service, in October 2009. Since then, it has expanded the service domestically and internationally through organic growth and several strategic acquisitions, with Provel being the largest of these.
The addition of Provel is expected to significantly extend 3Dproparts full range of design-to-manufacturing solutions and geographical reach in Europe, the firm says.
"We are very pleased to add an Italian prototyper with Provel's renowned reputation to our rapidly growing 3Dproparts operations," said Abe Reichental, president and chief executive officer of 3D Systems, in the company's statement. "With Provel, under the capable leadership of Giorgio Buson, and CEP as our European anchors, we intend to continue our European expansion for the benefit of our growing customer base," he added.
The company acquired all of Provel's outstanding shares primarily in a cash transaction with a portion paid in shares. No specific details were released, but the cash portion of the purchase price was paid from 3D Systems' cash reserves and excluded a deferred payment due on the first anniversary of the deal.
The former owners of Provel are also eligible to receive a one-time earn-out payment subject to achieving a certain agreed upon EBITDA target. The company expects the Provel acquisition to be accretive to its earnings.
Detailed information about this transaction can be found in the company's Form 8-K filed with the SEC.